In determining the value of the relevant secured property, GPS will rely on a valuation report from a professional panel valuer made within the 3 months before the loan is made. The valuation undertaken is both on an “as is” and “as if complete” basis. The valuation must deal with all the matters specified in the valuation instruction as applicable, including but not limited to consideration of:
GPS will instruct the valuer for each particular property from its panel of valuers. The valuer must be registered with an appropriate state/territory valuer body or registration scheme, where one exists.